Land-donation rule is reviewed

October 27, 2005|By Barbara Kois.

GENEVA — Aldermen agreed Monday to refer a proposed ordinance to increase the fair market value of an acre of land in the city for development purposes to the Plan Commission for public hearing. Developers of new residential subdivisions are required to donate cash or land to the school districtand the Park District for building new schools and parks to accommodate the subdivision's additional residents.

In 2001, the City Council increased the fair market value of an acre of land for school and park land donation purposes from to $117,000 from $79,000. It now proposes to increase the value to $130,000, based on cost-of-living increases over the period.